DeFi Crypto BAND Explodes 384% QTD on Booming Adoption

DeFi Crypto BAND Explodes 384% QTD on Booming Adoption
  • BAND, the native token of the Band Protocol, rose by as much as 384 percent in the third quarter.
  • The supersonic price rally appeared amid the ongoing DeFi craze – and also following Band’s growth-oriented partnerships.
  • Nevertheless, the BAND/USD pair stands overbought, which points to an imminent downside correction ahead.
  • An explosive buying spree in the DeFi sector has sent one of its tokens up by 384 percent on a quarter-to-date (QTD) timeframe.

    Dubbed as BAND, the cryptocurrency is a native asset of Band Protocol, a decentralized oracle that serves as a layer-2 protocol on public blockchains. On July 20, the BAND price established an all-time high at $5.25. At the start of this month, it was trading for $1.05.

    band, bitcoin, bandusd, bandbtc, bandusdt

    BAND price logs up to 2,287 percent gains YTD. Source: TradingView.com

    BAND also jumped higher against Bitcoin, the top cryptocurrency by market cap. As of Wednesday, the BAND/BTC pair was trading 341 percent higher QTD at 51,200 sats.

    A calm and composed Bitcoin, coupled with an ongoing craze for decentralized finance tokens, appears to have helped BAND logging a supersonic price rally.

    Prediction market and oracle cryptocurrencies came into trend during the second quarter. BAND’s closest rival, Chainlink, for instance, emerged as the market leader after rallying by 305 percent in 2020. A large portion of those gains came during Q2.

    Backing the oracle rallies were project upgrades and partnerships. Chainlink usage in the DeFi space grew as more and more projects sought it for its data feed services. The market cap of these DeFi projects itself grew by two-fourfold, contributing to an increase in demand for the Chainlink’s LINK tokens.

    DeFi, compound, chainlink, band

    DeFi sector performance in Q2/2020. Source: Messari

    The Band Protocol showed a similar growth-oriented trend. The last two months saw the project providing oracle solutions to a plethora of DeFi projects. Its latest announcement came on Wednesday, stating that ICON, a blockchain network, will integrate BAND-powered data solutions onto its platform.

    Earlier in July, the Band Protocol entered partnerships with Waves, Neutrino, BetProtocol, Wanchain, and other blockchain-enabled projects. Each deal signaled a higher growth rate for BAND, which, in turn, translated into a price rally.

    The DeFi rally appears attractive but, at the same time, risks becoming an overblown move. Most of the tokens that rose by 100-400 percent in Q2/2020 now stands technically overbought. It has increased their likelihood of correcting lower.

    While #BNB is going strong, some of our portfolio projects are also doing well. M&A: $SXP, LaunchPad: $BAND & $KAVA, and investment: $LUNA. All top 24hr gainers.

    What season comes after winter? al____ pic.twitter.com/RN5l7hdgik

    — CZ Binance (@cz_binance) July 20, 2020

    BAND faces the same risks. The cryptocurrency’s Relative Strength Index readings currently stand at 86. That puts BAND in the overpriced category, which may lead to a massive bearish move.

    The coin earlier pulled back from its all-time high by 30 percent. Nevertheless, sustained upside momentum in the DeFi market helped its recover back. It continues to trade under its record peak.

    Source: icryptodesk.com

    Author: admin


    Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec

    Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec

    Top cryptocurrency exchanges are expected to release a white paper next month detailing a method to ease compliance with the Financial Action Task Force’s (FATF) “Travel Rule.”

    See also: Is the Travel Rule Good or Bad for Crypto? Both

    • Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec
    • Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec
    • Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec
    • Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec

    Source: finance.yahoo.com

    Author: Sebastian Sinclair


    LINK’s Violent Rejection Leads To Strong Support Level: Analysis

    LINK’s Violent Rejection Leads To Strong Support Level: Analysis

    Binance

    LINK’s violent rejection has just created a strong support level for the asset as we are reading more in the upcoming Chainlink news today.

    Bitcoin was stealing the light from other altcoins in the past few hours with many smaller tokens dropping as BTC went past $9400. LINK is one example of a token that posted major losses in the past day as the latest price drop marks an extension of the downtrend which was been caught in the past few days. The bounce acquired at this level seems to be fleeting and it makes it unclear where the crypto might go next.

    LINK’s violent rejection is now flashing some signs of weakness and the sellers are diving into the gains that the token posted in the past few weeks. After peaking at $8.60, the buyers were unable to maintain the momentum which was guided higher with LINK trading at a crucial support level in the $7.00. The support here has been tested by the bulls on multiple occasions as the first reacting here was quite strong but it was erased to bring the altcoin back to the same level. If the support falters, the cryptocurrency could find itself within the intense downtrend.

    It seems that the zero-sum game between altcoins and Bitcoin and when one piece of the market rallies, it usually comes at the expense of the other. Bitcoin’s trading volume and liquidity were siphoned into the altcoin over the past few weeks which has been perpetuated in its bout of sideways trading. As the altcoins started cutting further into their gains, Bitcoin was able to break its trading range and is now within the $9400 showing high strength. Chainlink, on the other hand, was one of the best performing altcoins over 2019 and 2020 which rallied as high as $8.60 last week.

    LINK has been struggling to gather any clear support ever since and is now trading at $7.30. It’s possible that Chainlink will post some major losses if it continues its downtrend and one analyst even said that the current support is extremely important and is likely the best one for “buying the dip.” He pointed out to a support region between $7.15 and $7.35:

     “LINK – I think this is the best support for buying the dip, if you think we make another all time high this week.”

    What future awaits cryptocurrencies?
    GOODBAD

    Source: cryptomoneyteam.co

    Author: By TeamMMG


    Mastercard Fast Tracks Crypto Adoption with Launch of New Program

    Mastercard Fast Tracks Crypto Adoption with Launch of New Program

    Crypto

    In an attempt to stay ahead of the curve, payment provider Mastercard has been foraying into the crypto industry throughout the past several months.

    Their excitement surrounding the future of currency appears to be growing as well, as they recently announced plans to accelerate their digital assets program.

    This will allow issuers to rapidly bring safe and compliant cards to the market that will enable users to transact with digital currency.

    According to the announcement, Wirex will be the first platform to join Mastercard’s principal membership program, allowing them to issue crypto-native cards for consumer use.

    According to a press release from earlier today, Mastercard is now taking steps to accelerate the progression of its crypto card partner program.

    This program is one facet of their blockchain growth strategy, and it entails onboarding a host of strategic partners. They can all help to advance the adoption of digital assets by increasing the ease at which users can transact with them.

    In the release, the company explained that they are now “supercharging” this program by providing current and prospective partners with access to everything they need to go to market quickly.

    “Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintechs, giving them access to everything they need to grow quickly,” they said.

    They also announced that Wirex is the first company to be granted a principal membership, which will allow them to issue cards using Mastercard’s payment infrastructure directly.

    By using the cards, users can pay for items or services at any of the millions of Mastercard merchants worldwide. It will also offer a rewards program that gives customers up to 1.5% cashback.

    While speaking about the Wirex partnership and the company’s plans to accelerate its cryptocurrency-based payment programs, Raj Dhamodharan – the Executive Vice President of Digital Asset and Blockchain Products at Mastercard – explained that the crypto markets are maturing at a rapid pace.

    “The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” he said.

    Because many view digital assets as a great alternative to fiat currencies as a means of payment, the growth and expansion of these cards could help spur further mainstream adoption.

    Cole Petersen

    Source: www.newsbtc.com

    Author: Cole Petersen


    Twitter Scam Unveils The Perks Of Crypto Instead

    Twitter Scam Unveils The Perks Of Crypto Instead

    Recent Twitter scam and other events seems to have given crypto bad publicity since it began and this makes it a lot difficult for the exploration of the many possibilities it brings. The recent bad headlines are savoured by the media and rumour mongers who find it useful. The reality is that cryptocurrency has come to relieve us of all the stress conventional methods of transaction brings.

    This hack feels very different, the real issue is the fact that Twitter – it appears with the complicity of a rogue employee – was hacked and only the coveted blue tick verified account holders were targeted.

    Brad Garlinghouse, CEO of Ripple, tweeted ‘Seems there is finally consensus across the board that this hack is NOT a crypto problem, this is a social media platform problem. Malicious scams on Twitter, YouTube and others have persisted for years without these platforms taking any real action or accountability to address the issue with more than a band-aid.’

    In the AI space CTO of Fetch.ai Toby Simpson tweeted ‘We’ve got Twitter to thank for a highly effective demonstration of why decentralisation is so important. In a centralised world, break into one place, compromise everyone. With decentralisation, where individuals own and control their digital identity, that isn’t possible.’

    Changpeng Zhao ‘CZ’ one of those affected by the Twitter scam tweeted once his account was restored:- “Bitcoin hack?” No, bitcoin didn’t get hacked. The hackers want bitcoin, because it’s valuable. When bank robbers want cash, it’s not called a “cash robbery”. It’s a bank robbery. “Bitcoin scam?” No, bitcoin didn’t scam anyone. Do we have to explain this every time? “Twitter Scam?” Yes. But this incident highlights a bigger issue. With the increased #crypto adoption, existing social and internet platforms need to revamp their security. Internet platforms are no longer just for selfies, it is used to transfer value.

    This situation should not be used to be critical of the cryptocurrency industry, as the above statement shows it has actually once again shown the benefits of this technology. Not only does its applications distribute risk but in cases where funds are tied to nefarious actions the capability to conduct anti money laundering and forensic investigations far exceeds what’s capable in the traditional financial industry.

    We’ve collaborated with an industry leader in this segment before, Coinfirm, who provides analytics, investigatory and Anti Money Laundering solutions to some of the biggest companies in the space. Currently the AML effectiveness in the traditional financial industry sits at about 2% while solutions such as Coinfirm for blockchain assets take that effectiveness into the 90 percentiles, dispelling many of the fears and borders to adoption around cryptocurrencies. Taking a look at the recent Twitter scams using Coinfirm’s technology, cryptocurrencies such as bitcoin provide a whole new level of transparency and data analysis due to its inherent nature and turns AML into a real-time, automated, and effective process.

    The first visualization shows the connection between the two addresses along with the funds coming in from victims. Approx $1 600 went to bc1q0kznuxzk6d82e27p7gplwl68zkv40swyy4d24x (Address A) that was used in the Cash App related scam. Approx $117 000 worth of BTC at the time of analysis went to bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh (Address B) that was used in the Elon Musk, Bill Gates and Uber scams among others.

    Address A sent it’s funds to address B from where address B began sending the funds to a variety of addresses where they currently sit. The address with the largest amount sitting is 1Ai52Uw6usjhpcDrwSmkUvjuqLpcznUuyF with approximately $52,000 worth of BTC. Now, any entity using Coinfirm’s Platform will be able to analyze and catch any transaction entering their ecosystems that are related to this scam and act appropriately, further protecting the integrity and security of the crypto economy.

    Even scams that use the “get rich” communication around bitcoin mixed with fake celebrity statements and other lies using the identity of celebrities to scam victims are actually mainly doing so by accepting credit cards from the victims. This has helped protect these enterprises as the transparency and traceability of these transactions and related funds are unable to be done on the technological level of bitcoin and other popular cryptocurrencies.

    This article is sourced from:https://www.cityam.com

    Source: africancryptonews.com

    Author: Comfort Obey


    We’re Not Liable for Crypto Scams

    We’re Not Liable for Crypto Scams

    YouTube’s legal team has argued the platform is immune from liability for cryptocurrency scams perpetrated as part of its video content or descriptions. 

    Attorneys for Ripple and CEO Brad Garlinghouse filed a lawsuit against YouTube in April in response to the platform’s failure to stop XRP scammers and impersonators. Ripple argued that the platform benefits from the actions of the scammers by profiting from paid ads.

    But according to a July 21 update on Law360, lawyers for the video-sharing platform argued in a dismissal bid that Section 230 of the Communications Decency Act — which generally protects platform publishers from liability over information provided by third parties — applied to the case. 

    YouTube’s legal team argued that its “unwitting verification” of scam channels does not change the fact the content was created by third parties — not the video-sharing platform itself. Lawyers for the site claim that because Ripple is not alleging YouTube “solicited, encouraged, or participated in the third-party fraudsters’ scam,” the platform has no liability. 

    Ripple’s lawsuit cites 305 instances of channels specifically impersonating Ripple CEO Brad Garlinghouse. Some scammers took over unrelated but verified channels, and modified the layout and content to make it appear as though it was a legitimate crypto giveaway from a verified account.

    According to YouTube’s legal team, “the right of publicity law protects individuals’ names, images or voices from being used for commercial purposes without permission, but Ripple’s suit alleges that a third-party hacker employed Garlinghouse’s identity in its videos, not YouTube.”

    Scammers have impersonated a number of figures in technology and finance in their attempts to con unwitting subscribers out of their crypto assets. 

    Cointelegraph reported in June that fake Bitcoin (BTC) giveaways from channels claiming to belong to SpaceX or Elon Musk scammed users out of $150,000. Most recently, scammers have attempted “double your money” cons targeted at users of VeChain VET tokens.

    Credit: Source link

    Source: bitcoin.marketing


    DeFi Crypto BAND Explodes 384% QTD on Booming Adoption


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